Financial Forecasting: Tools and Applications
Business and financial forecasting is of extreme importance to managers at practically all levels. It is required for top managers to make long-term strategic decisions. Middle management uses sales forecasts to develop their departmental budgets. Every other plan such as a production plan, purchasing plan, manpower plan, and financial plan follows from demand forecasting. The critical element in any supply chain plan is the demand forecast.
The goal of this course is to provide a working knowledge of the fundamentals of business forecasting that can be applied in the real world regardless of firm size. We walk you through basic forecasting methodology, and then practical applications. It encompasses a wide range of topics of major importance to practical managers in all functional areas, including cash flow forecasting, cost prediction, earnings forecasts, bankruptcy prediction, foreign exchange forecasting, interest rate forecasting, and technological forecasting. Emphasis is placed on the use of computer technology such as spreadsheets and stand-alone forecasting software. What is unique about this course is that this course is practically oriented. It will try to avoid theoretical, rigorous, and mathematical discussions. It will directly get into how to use it, when to use, what it is used for, and what resources are required of it. It will include many practical examples, applications, illustrations, guidelines, measures, checklists, rules of thumb, “tips,” graphs, diagrams, and tables to aid your comprehension of the subject.